Step 16

Purchase Bitcoin

Purchase some BTC with Coinbase.

    • Bank transfers takes 3-5 business days (7 calendar days) for the USD to be converted into BTC using a bank transfer.
    • The price of BTC can vary wildly in 7 calendars days, up or down.
    • Credit/debit card purchases of BTC are instant.
    • Fee information here.
    • Below is a video demonstrating this process.
    • To avoid the high credit card fees and wait only 2-4 business days for your funds, consider using the USD Wallet Deposit function from the accounts menu. Once your funds arrive, you can purchase BTC from your wallet at the current exchange rate.

You can use alternative funding methods to supplement or replace Coinbase.

To avoid Coinbase fees when buying Bitcoin, you can use the Coinbase-owned exchange GDAX.

  1. To do this, you'll need to transfer USD from your bank account ahead of time to the USD wallet. That transfer takes about 1 week to process. You can transfer to Coinbase or directly into GDAX.
  2. If you transfer to Coinbase, then once the transfer is done, go to GDAX.com and instantly transfer your USD from your Coinbase account to your GDAX account (because Coinbase owns both sites, it's an instant transfer).
  3. Once the USD is in your GDAX account, you can go ahead and place a market order for BTC. This will purchase a set amount of crypto at the current asking price. The fee is a fraction of what you'd pay on Coinbase for basically the same thing.
  4. Once your buy order goes through, you can transfer your BTC over to Xcoins (see how in the next step).